Banks will remain shut on June 29 on account of Bakrid, instead of June 28, 2023, according to Reserve Bank of India's (RBI's) notification. The government of Maharashtra has declared June 29, 2023 as a public holiday under Section 25 of the Negotiable Instruments Act, 1881. The public holiday on June 28, 2023 declared earlier has been cancelled, RBI said.
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Accordingly, there will be no transactions and settlements in government securities, foreign exchange, money markets and rupee interest rate derivatives on June 29, 2023. Settlement of all outstanding transactions due
on June 29, 2023 will accordingly get postponed to the next working day i.e., June 30, the central bank added.
"Settlement of the auction of state government securities conducted on June 27, 2023, will take place on June 28, 2023. The auction of Government of India treasury bills scheduled on June 29, 2023 will now be conducted on June 28, 2023, with settlement on June 30, 2023," RBI stated in a release.
The tenor for transactions of Standing Deposit Facility (SDF) and Marginal Standing Facility (MSF) operations under the Liquidity Adjustment Facility (LAF) for June 27, 2023 will be modified to one day and that of June 28, 2023 will be modified to two days. Further, the SDF and MSF windows under the LAF will be available as usual on June 29, 2023, it said.
This comes after National Stock Exchange and the Bombay Stock Exchange rescheduled the holiday to June 29. As a result, June F&O series expiry will now take place on June 28 instead of June 29. The equity derivative segment, equity segment, the SLB segment and the currency derivatives segment as well as the interest rate derivatives segment will be shut on Thursday.
First Published: Jun 27, 2023 2:06 PM IST
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